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Binance Pay allows sending to bank accounts in Latin America

Important facts:
  • The company will use Binance Pay technology to process the payments.

  • Binance Pay recently announced partnerships with Despegar, Credential Payment and Vita Wallet.

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According to an announcement by Binance on August 29, 2023, it is now possible to send Binance Pay transfers to bank accounts.

According to the note According to the world’s largest exchange, “Family and friends can receive money directly into their bank accounts thanks to the services of authorized wire transfer processing providers.”

“Send crypto to your loved ones in Argentina and Colombia!” Source: Binance blog

This new Binance Pay service works for the following LATAM countries: Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico. For payments to be effective on Binance, the recipients’ bank accounts must be provided You must be in Colombia or Argentina.

Binance’s regional vice president for Latin America offered a few words on the launch of this new service for the region:

This is another step for Binance, which renews its commitment to the crypto industry in Latin America, expanding the benefits it offers in terms of financial inclusion and developing new ways to use cryptocurrencies in everyday life.

Min Lin, Binance Regional Vice President.

Binance and Latin America

The relationship between Binance and the Americas region has seen ups and downs lately. The launch of this new money transfer service coincides with the closure of another service, also in Latin America, a few days ago.

As CriptoNoticias reported, the regulatory pressure it is facing has forced Binance to withdraw their Visa and Mastercard cards from the Latin American market. Both financial services companies have reportedly cut ties with the exchange and its CEO, Changpeng Zhao.

In other Binance and Latin America news, the same regulatory pressure that caused the above also resulted in Banco de Venezuela removing available P2P payment methods.

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